Notarized Affidavit of Net Worth

wow, board must have had a liar in the past.

just get your attorney to sign a piece of paper that says your finances are accurate.

Must be a statement from you signed in the presence of a notary.

Even when a cpa prepares your tax return, they are only responsible for the accuracy of the return and not the content.

Maybe if you have a financial planner/manager who is responsible for all your finances they could provide that.

your accountant will provide it and include a clause stating that it is only as accurate as the information provided to him/her

Not at all unusual request from a stricter managing agent. The "affadavit" should be part of your application package, a one-page form that allows you to print your name, and affirm the truth of the financial statement. It may be page five of the financial statement.

Any notary will do. The big banks, like Citi and TD Bank, tend to have notaries in-house, and will often notarize a doc for free for a good customer. (Otherwise, it's like ten dollars.) Remember to bring photo ID.

The CPA/Atty letter is probably separate; I'd have to see the package to make sure... but the atty who drew up your contract will probably do this for you if you don't have a CPA who does your taxes.

GL!

ali r.
DG Neary Realty

Thank you for the comments!

Front porch- We also think these are two separate documents, and it's assuring to know you think so too!

First we found a format for a document called "Affidavit of Net Worth" by searching the net, so we filled in our info and asked our attorney to notarize it. He told us that he is not authorized to give any verification of his client's finance. Then our broker suggested that we ask an accountant or CPA to notarize the affidavit, which turned out to be almost impossibe because very few CPA's have a liscence to notarize, and vise versa. So we decided to have the Affidavit notarized at the bank, and then hire a CPA separately to conduct a due diligence on our financial info (based on bank statements etc.) and write a letter of verification. The CPA letter will not be notarized.

I still wonder if all this was an overkill, but we didn't want to take any chances. We did reach out to the management to ask, but they never returned our calls. It was unlucky for us that it's the week before the tax deadline, ..all the CPA's are super busy and expensive right now... oh, well.

Many thanks!

I can't wait to hear C0lumbia C0unty's take on faking net worth statements.

i have never provided anything like this to coops.
tax returns? yes
brokerage and bank statements? yes
and little else about assets, given that coops only care about income and liquid assets anyway.
all any notaries are attesting to is that they have made good effort to verify that you, signer of a document, are you. they look at your driver's license and cross-check your signature. the contents of the document are not their responsibility.

so a notarized document means nothing anyway. and any coop board with half a brain does independent due dilly to verify that tax returns and assets shown on statements are real.

why endure the financial rectal exam? buy a condo.

If I say "due dilly" instead of due diligence, does that make me sound cool? Will my daughters acknowledge me once again?

The affidavit form should be provided in the application package. All you do is sign it in the presence of a notary -- you are attesting to the fact that all the financial information you included in the package is accurate, and the notary is attesting to the fact that you are who you say you are.

Since the package typically includes copies of bank statements, brokerage statements, tax returns, etc., they're esssentially looking for you to affirm that you didn't forge/alter any documents. The notarization is not an opinion of the accuracy of the documents. Having a CPA or attorney actually independently verify the accuracy of the content of the included documents (essentially, formally audit them) is something they won't generally won't do, and a notary cannot do.

... "is something they generally won't do..."

that whatever you sign is notarized has nothing to do with the truthiness of what you claim are your income/assets.

any coop board would seek to verify, regardlees of this stoopid doc, via credit check and other independent means

absurd the concept that a board would require you provide an auditred financial statement

Outdated, useless request. Your CPA doesn't audit your financials when she prepares your tax returns. Therefore, she cannot "verify" your net worth statement. And as others have said big deal they can make you notarize your own letter but that's doesn't mean squat. Your assets, obligations , etc. are verified via a credit check. This request in a board package is a relic that lazy, stuffy boards and equally if not lazier managing agents haven't gotten around to replacing.

So if you want to go ahead and fill out the form you found, notarize a letter stating the attached represents your true net worth as of ....., and submit it with all the back-up.

Or better yet run like the wind and buy a condo.

Your attorney can probably notarize for you--many are notaries.

Notaries are only allowed to charge $2 for most things, much less for other things that I won't bore you with. I'm a notary, this is a $2 job. It's illegal to charge more and notaries who do can lose their credential.

Attorneys are not going to vouch for your finances.

Actually the most concerning thing I found in your post is that the management company doesn't return your phone calls requesting clarification. Do you think they will treat you better once you're a stakeholder?

I bid $3 for a kharby2 to notarize my signature.